It's judgement day for Elliott

June 30 2003By Eli Greenblat

Picture: CRAIG ABRAHAMJohn Elliott.

Failed businessman and former Carlton president John Elliott could have his corporate life cut short and face crippling fines when he faces Justice Philip Mandie in the Victorian Supreme Court this morning for sentencing.

Mr Elliott, once touted as a future Liberal prime minister, was found guilty in May of allowing the publicly listed Water Wheel flour and rice milling group to trade while insolvent. Water Wheel's former chairman, William Harrison, will also be dealt with by Justice Mandie today.

The Australian Securities and Investment Commission has asked Justice Mandie to ban Mr Elliott from acting as a company director for seven years and be ordered to pay compensation of up to $1.7 million to unsecured creditors.

The nation's top security regulator has also asked for Mr Elliott to pay legal costs of more than $1 million. The severity of the fines could send Mr Elliott to the wall.

Last month Mr Elliott told the Victorian Supreme Court that his bank accounts were close to empty, and that he didn't have the resources to pay the fines demanded by ASIC.");document.write("